My wife works under a company structure (she is the sole director and employee), and has her quarterly BAS and year end tax returns done by an accountant. We pay him $220 for his BAS lodgement each quarter, and about $600 for his end of year accounting (personal tax return & Company tax return). Recently he asked us to transfer $315 to his account, so that he can pay the annual ASIC fee. I checked on the ASIC page, what this fee is for, and could not get any details. Does anyone know what this fee is for, and is this an annual fee we have to fork out?

In addition to this, my accountant charges an annual fee for operating the registered office for my companies and for reviewing the annual company statement and checking all data, preparing solvency resolutions, statutory record updates and such.

If that $315 is inclusive of both the ASIC fee and any services they provide relating to managing your company statement, then I think that's fairly reasonable.

My wife works under a company structure (she is the sole director and employee), and has her quarterly BAS and year end tax returns done by an accountant. We pay him $220 for his BAS lodgement each quarter, and about $600 for his end of year accounting (personal tax return & Company tax return). Recently he asked us to transfer $315 to his account, so that he can pay the annual ASIC fee. I checked on the ASIC page, what this fee is for, and could not get any details. Does anyone know what this fee is for, and is this an annual fee we have to fork out?

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Yes, this is an annual fee called the Annual review fee. You also have to review your annual statement and make sure all is correct.

Annual review feesEvery company and managed investment scheme has an annual review date, usually the same date it was registered. Shortly after this date, we issue an annual statement and an invoice. You need to pay the annual review fee to keep your entity registered.

You can check the review date for a company or scheme from our Organisation and Business Names search. You will need to provide an Australian Company Number (ACN) or Australian Registered Scheme Number (ARSN).

If you don't pay the annual review fee in time, you may need to pay additional fees. See Annual statements for more information.​

Thanks for the response @Simon Hampel and @Perthguy. So in essence we need to pay this $315 annually. How do we get access to the Annual statement prepared by ASIC? Is that through my accountant? The accountant prepares the individual and company tax returns, group certificate, Profit & Loss statements and provides that to us for our bank loan applications. But this is the first time, we've come across an ASIC statement.

It's basically a bill from ASIC - with a statement attached - for you to check and make any changes.

ASIC charge a late payment fee higher than the initial bill if you're even a day late, so make sure you pay it early and put it on your calendar for next year in case it goes missing! - they charge a fee if you make any changes, ie move address ... actually they charge like wounded bulls for not much in return

My accountant sends the annual statement to me along with an invoice for their services.

I pay the ASIC fee directly to ASIC and pay my accountants invoice - at which point they submit the annual return for me.

You'll want to check with your accountant about sending you a copy of the ASIC statement - I think you should be checking the details since it does list the current office holders and shareholders of the company - you'll want to make sure those details are correct and up to date.

Thanks for the response @Simon Hampel and @Perthguy. So in essence we need to pay this $315 annually. How do we get access to the Annual statement prepared by ASIC? Is that through my accountant? The accountant prepares the individual and company tax returns, group certificate, Profit & Loss statements and provides that to us for our bank loan applications. But this is the first time, we've come across an ASIC statement.

Thanks folks. We will request our accountant to send the statement through. @Perthguy I tried the above URL and put in the company ABN, and it asks for a username/password. It appears for us to create our own username/password we need to know the ASIC number, which we don't have. Hopefully the statement has it.

Thanks folks. We will request our accountant to send the statement through. @Perthguy I tried the above URL and put in the company ABN, and it asks for a username/password. It appears for us to create our own username/password we need to know the ASIC number, which we don't have. Hopefully the statement has it.

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Sorry, I forgot about the corporate key. I set all this up in 2000 and have forgotten all about it.

I paid $246 last November. Contrast with the UK where for a limited company like mine the annual filing fee is £13 (about A$23) if you file online: several decades ago when you submitted a paper return which Companies House had to microfilm, the cost was £30. As they've cut their costs they've passed on the savings - AFAIK they are only required to cover their costs, whilst ASIC is reputedly being fattened up for privatisation.

And if you want to know about another UK limited company, most of the information you might want is now free! Companies House service

I paid $246 last November. Contrast with the UK where for a limited company like mine the annual filing fee is £13 (about A$23) if you file online: several decades ago when you submitted a paper return which Companies House had to microfilm, the cost was £30. As they've cut their costs they've passed on the savings - AFAIK they are only required to cover their costs, whilst ASIC is reputedly being fattened up for privatisation.

And if you want to know about another UK limited company, most of the information you might want is now free! Companies House service

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Hi
Why you mentioned about UK limited company? Can we register a UK company for operation in Australia?

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